Venezuela's Chavez makes first use of new powers

Venezuelan President Hugo Chavez makes his first use of new
decree powers to create a $2.3 billion fund for reconstruction
after widespread flooding that left more than 130,000 people
homeless.

The South American OPEC member nation's socialist leader
has infuriated opposition parties and been criticized as a
dictator for assuming fast-track powers for the next 18 months
that will enable him to rule by decree and bypass parliament.